Bitcoin bore the brunt. The asset recorded $1.315 billion in outflows — the largest single-week Bitcoin withdrawal of 2026, surpassing the late January peak — pulling year-to-date inflows down to $2.6 billion from $3.9 billion the prior week, per CoinShares’ Volume 287 report authored by James Butterfill. The speed of the reversal underscores how quickly 2026’s cumulative inflow position can compress when risk appetite deteriorates. Two weeks ago that figure stood at $4.9 billion. It has now shed nearly half in a fortnight.
Ethereum followed with $222.8 million in outflows, broadly in line with the prior week. Blockchain equity ETFs were also caught in the selloff, recording $133 million in aggregate outflows. The US dominated the regional picture with $1.425 billion in outflows — the vast majority of the global total — while Switzerland added $16.2 million, Canada $12.5 million, and Hong Kong $12.2 million, per the report. Germany was effectively flat.
The mechanics behind the outflow are detailed in QCP Capital’s latest Market Colour note, which frames the week’s price action as the product of two converging forces: a technical support structure that expired and a macro backdrop that turned hostile simultaneously.
On the technical side, dealer long gamma — particularly in IBIT options — had suppressed volatility and helped anchor Bitcoin near $80,000 through most of May. Friday’s options expiry rolled off more than $4 billion of IBIT contracts, removing that floor. Bitcoin broke below $78,000 shortly after, per QCP’s analysis.
The macro environment that greeted the breakdown was unforgiving. US 10-year Treasury yields sit at 4.62% and the 30-year at 5.14% — fresh cycle highs. USD/JPY has pushed into the 158–159 range, approaching the 160 level where Bank of Japan intervention risk and yen-carry unwind fears historically intensify. Equities pulled back. Oil prices rose. CPI ran hot. Markets now price a 50% to 60% probability that the Fed’s benchmark rate will be 25 basis points higher by January, per QCP’s assessment — a material shift in rate expectations that makes risk assets broadly less attractive.
The One Bright Spot ForNot everything moved in the same direction. Nine assets still recorded meaningful inflows above $1 million, suggesting CLARITY Act legislative progress cushioned the broader risk-off tone at the margin, per CoinShares. XRP led altcoin inflows at $31.8 million, followed by Solana at $7.7 million, Near Protocol at $9 million — notable given its $74 million total AuM — Sui at $2.9 million, and multi-asset products at $4.7 million. The selective nature of the altcoin inflows points to a market where investors are rotating toward specific narratives rather than exiting crypto entirely.
QCP’s near-term outlook is cautious but not catastrophic. Until clearer tariff resolution or US-Iran headlines emerge, crypto is likely to remain in a grinding range, per the firm’s note. Front-end volatility spiked on the breakdown but is already being faded — and call overwriters may soon return to pin spot near current levels. The key scheduled events this week — FOMC Minutes on Wednesday, NVIDIA earnings the same day, and Flash PMIs on Thursday — each carry the potential to shift the macro narrative in either direction.
This development marks a critical juncture for the Bitcoin near-term price trajectory. Two consecutive weeks of outflows totaling $2.54 billion, arriving just as technical support has faded and macro headwinds are building, is the kind of setup that tests the conviction of institutional holders who entered on the way up — and the next few sessions will determine whether that conviction holds.
As of this writing, Bitcoin trades at around $82,000, attempting to stabilize above the $78,000 level that broke last week as the market awaits the macro catalysts that QCP and CoinShares both identify as the next directional trigger.
Cover image from Grok, BTCUSD Chart from Tradingview
